Newmont Co. to Issue Quarterly Dividend of $0.25 (NYSE:NEM)

Newmont Co. (NYSE:NEM) announced a quarterly dividend on Wednesday, July 24th, Zacks reports. Stockholders of record on Thursday, September 5th will be given a dividend of 0.25 per share by the basic materials company on Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, September 5th.

Newmont has raised its dividend by an average of 15.4% annually over the last three years. Newmont has a payout ratio of 28.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Newmont to earn $3.31 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 30.2%.

Newmont Price Performance

NEM stock opened at $45.70 on Friday. Newmont has a 1 year low of $29.42 and a 1 year high of $48.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90. The stock has a market cap of $52.70 billion, a price-to-earnings ratio of -17.12, a P/E/G ratio of 0.38 and a beta of 0.47. The company has a 50 day simple moving average of $43.33 and a 200 day simple moving average of $38.73.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.65%. The company’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 earnings per share. Research analysts anticipate that Newmont will post 2.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NEM has been the subject of several recent research reports. National Bank Financial downgraded Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Citigroup cut their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. TD Securities lifted their target price on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a report on Friday, April 26th. Finally, BNP Paribas raised Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.00.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is owned by company insiders.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.